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LAHORE: The capital of Punjab, as we know it, is rapidly changing. A city renowned for its culture, gardens, monuments and historic sites is transforming into a commercial hub. The eminent economist Ejaz Nabi, from World Bank, while speaking to a gathering at the Lahore University of Management Sciences (LUMS) last year described the city as “a regional commercial hub”.

Rapid commercialisation: Real estate experts believe that Lahore has become a hot bed of multinational companies, banks, telecommunication companies and international food chains. Most main areas are being commercialised. Huge investments, particularly after 9/11, have targeted Lahore and the city’s map is changing with every passing day. PARCO will construct a 20-storey building at Egerton Road. Pearl Continental Hotels is also planning a 40-storey Executive Tower at The Mall, however sources have told Daily Times, that the tower’s construction may be hindered because of privacy issues regarding Governor’s House.

Main Boulevard Gulberg: Main Boulevard Gulberg has become a centre for commercial activities. The road saw overnight development because of buildings constructed by leading multinational companies and banks.

“Official circles have reported that World Bank will be setting up its office at Main Boulevard Gulberg by the end of 2005,” said Mian Waseem of Zaheer Estate Consultant. “The construction of MCB Tower at the boulevard was also recent announced,” he added.

According to real estate analysts, currently 70 to 80 percent area of the area has been commercialised and the remaining is being used for residential purposes.

Main Boulevard Garden Town: Main Boulevard Garden Town (particularly the area from Kalma Chowk to Barkat Market) is the second most commercialised area. “Because of its link with Main Boulevard Gulberg, the Main Boulevard Garden Town has attracted a large sum of investment in the recent past,” said a real estate analyst, adding, “Price of land at Main Boulevard Garden Town is second only to Main Boulevard Gulberg.”

Defence Housing Authority: Commercial areas in Phase I, II and III, Defence Housing Authority have registered a significant increase in property prices over the past three years. “The average price of four and eight marlas commercial plots falls around Rs 25 million and Rs 70 million,” said Kashif Mehmood from Askari Real Estate in Defence.

“The low number of disputes over property documents has also helped push the price of marlas in Defence to the same level as kanals in Gulberg and Garden Town,” said another property dealer.

MM Alam Road: Property prices at MM Alam Road, renowned for its quality restaurants and boutiques, have reached the level of Main Boulevard Gulberg.

“Very few plots at the MM Alam Road are available for residential purposes,” said Suhail Butt, a local investor, adding, “One will only find a few residential plots from Firdous Market to the Mini Market.”

LDA’s list of commercial roads: The Lahore Development Authority (LDA) has declared a list of commercial roads. The total number of such roads is 39 and LDA is authorised to charge a commercial fee at the rate of 20 percent of the land’s value.

Rana Khurshid Ahmed, the LDA spokesman, said that LDA receives commercial fees in four equal instalments during a year. A concession of 5 percent is given when the owner pays in a lump sum, he added.

Ahmed said that a no-objection certificate (NOC) was not required from neighbours to raise a building on declared commercial roads. “There is a concession of 10 percent in commercial fee for education, health and information technology-related commercial buildings,” he added.

The LDA also allows the conversion of a residential building into a commercial one, on roads other than the declared ones, and charges 3 percent of the commercial fee annually for the authority’s approval. However, the owner was required to provide a NOC from the neighbours in such a case, Khurshid said.

According to LDA’s building regulations, the maximum height for a commercial building is up to 38 feet, however this restriction was removed under new arrangements and a building can be constructed to any height, after paying for each square foot of the building. The average price of property situated at these 39 commercial roads ranges between Rs 5 million to Rs 50 million according to location.

Reasons for increase in prices: The inflow of funds from overseas Pakistanis, after 9/11, has given a tremendous boost to the real estate business.

“Overseas Pakistanis have invested in commercial plazas and those who have not erected plazas are buying shops and offices in such plazas,” said Mohammed Azam, another property dealer.

More plazas, less commercial activity: Most commercial plazas give a deserted look because of the absence of shop/office owners from the country. These shops and offices remain closed throughout the year and local people do not have the money to buy and run these shops or offices. Therefore, the ratio of commercial activity in such commercial plazas is less then the number of shops or offices.

Future outlook: Most real estate experts believe that the real estate bubble will burst after the arrest of Osama Bin Laden. They believe that prices are abnormally high and cannot remain high in the long run. However, the increasing number of multinational companies, banks, restaurants and boutiques indicates that the high prices of property will remain.

Pearl Continental Hotels is also planning a 40-storey Executive Tower at The Mall, however sources have told Daily Times, that the tower’s construction may be hindered because of privacy issues regarding Governor’s House.

All that crap about this tower not fitting in Lahore's environment always seemed silly. I say, shift the Governor to Attock jail... that'll pave the way for this tower

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The construction of MCB Tower at the boulevard was also recently announced

This'll be the 40-storey tower we once read in an article... lets hope so!!!

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Most real estate experts believe that the real estate bubble will burst after the arrest of Osama Bin Laden.

Should it really be called a tower? I saw the rendering...dosen't look tall but looks interesting!

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خرد کو غلامی سے آزاد کر- جوانوں کو پیروں کا اُستاد کر

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* Punjab cabinet approves project to be built with help from foreign investors
* Complex to have 400-room hotel, IMAX cinema, banquet hall
* CM concerned about law and order in province

LAHORE: The Punjab cabinet has approved the construction of a commercial complex with the help of foreign investors in Lahore.

A cabinet meeting, chaired by Punjab Chief Minister Chaudhry Pervaiz Elahi, on Monday approved that the complex would be built on 12 acres at a cost of Rs 3 billion.

Addressing the meeting, the chief minister said that the complex would open new avenues for foreign investment in Pakistan. He said that the Punjab government was utilising all available resources through proper planning to strengthen Punjab’s economy. Elahi said that the government was implementing welfare projects in the education, health and agriculture sectors. He said that the complex would promote commercial activities in Punjab and would also create 20 to 25 thousand jobs. He said that more complexes would be constructed in other cities with the help of foreign investment.

Earlier, the cabinet meeting was informed about the project, which is a joint venture between the Punjab government and the World Consortium. Under the project, a 400-room hotel and a shopping centre with a 7,000-capacity banquet hall will be constructed in the complex.

The cabinet members observed that the interest demonstrated by foreign investors was ample proof that the economic policies of the Punjab chief minister were a success. The cabinet also approved an educational and entertainment IMX project comprising 40 kanals. The project will include a shopping area and a modern cinema hall with 630 seats.

Elahi said that people would not be satisfied with police performance, unless there is a visible decrease in the crime rate. He said he would chair a meeting every month to review the crime rate pertaining to theft, robbery and abductions. He also announced a committee, under the chairmanship of Punjab Law Minister Muhammad Basharat Raja, to review crime on a weekly basis. He said that special measures were needed to ensure law and order during Muharram and the ministers and nazims would have to make concrete security plans.

The cabinet authenticated the exemption of the houses up to five marlas from the property tax. The chief minister directed that the tax exemption to the owners of 5-marla houses should be come in effect from September.

The meeting also decided to adopt various measures for ending environmental pollution. The cabinet was informed that no industrial estate was being approved without the facility of water treatment plants.

Elahi directed that funds should be allocated for water treatment plants in the Green Fund set up to eradicate pollution. The cabinet members paid rich tribute to Elahi for holding the first ever international-marathon race in Pakistan.

The chief minister said that Lahore Task Force chairman Ghaus Akbar had rendered invaluable services for the race. He said that the organising a race on such a large scale without burdening the government exchequer was a commendable achievement. app

Is this the same IMAX they were suppose to build or is this another one.

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خرد کو غلامی سے آزاد کر- جوانوں کو پیروں کا اُستاد کر

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yes cn tower its the same one, to be completed in september this year. it was to be next to gadafi stadium, but the land was given to an arab instead who would make a huge commercial complex there, this will be on mm alam road.

The article talks about two separate projects... one on IMAX Theatre (40 Kanals) and the other one on 12 acres (nearly 96 Kanals)... I personally think Lahore Expo is a different project all together otherwise they would've mentioned it here by name.

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The fire broke out in the store’s head office situated on the fifth floor of the Amber Shopping Centre adjacent to the store at around 5:30am. The flames rapidly engulfed the store, spreading through its fifth to the third floor. The cause of the fire is said to be a short circuit.

Security guard Zafar Iqbal, 45, was suffocated by the flames. Another employee, Zeeshan, 22, fell unconscious while trying to put out the flames. Columns of smoke coming out of the ventilators could be seen from far away.

The fifth floor was used as a store, while the fourth floor stored children’s goods and the third household appliances. The fire left all the goods in ashes. It took firefighters seven hours to extinguish the fire. Around 13 fire brigade units and more than 100 firefighters were deployed to put out the flames. Firefighters struggled to extinguish the fire because ladders were not long enough to reach the top. There was only one entrance to the building that made their job even more difficult. All adjacent shops were closed as the fire spread and police sealed off the area for several hours.

Twelve Lahore district government units, one Allama Iqbal International Airport unit, two Lahore Cantonment Board units and one private unit took part in the operation. Air Force and Civil Aviation Authority water tankers were also used. The Lahore Development Authority (LDA), Water and Power Sanitation Authority (WASA) and Solid Waste Management (SMW) had sent cranes and bulldozers to the scene.

Punjab Governor Khalid Maqbool, District Nazim Amir Mahmood and District Police Officer (DCO) Tariq Saleem Dogar also visited the scene. A firefighter complained that they had shabby plastic boots, old helmets and no fireproof jackets. “It was God’s will,” said shop owner Bashir Buksh, who was shocked by the incident. This is the third fire in a departmental store in three years.